1250 West Avenue Lands $507M Construction Loan in Miami Beach

Terra secured a $507 million construction loan from Tyko Capital for 1250 West Avenue, a 28-story luxury condo tower in Miami Beach. The financing closed in October 2026, unusually ahead of any pre-sales. Sales launch in 2027.

The approved project calls for a 330-foot tower with 106 units totaling 478,872 square feet on a 1.91-acre bayfront site. Residences average nearly 3,500 square feet and range from 1,692 to 5,066 square feet, including two penthouses with private rooftop pools. The tower replaces the 1964 Bay Garden Manor, a 15-story, 238-unit condominium. The Miami Beach Design Review Board unanimously approved the project in May 2026 under an overlay zoning district allowing 330 feet.

Terra leads development alongside RG Development Group, GV Development and LORE Development. JDS Development Group exited the partnership. ODP Architecture and Design is architect of record. Northwind Group previously lent $98 million toward the roughly $120 million acquisition of the site and the adjacent Bikini Hostel property in September 2025.

Plans include 250 parking spaces, some underground, plus 2,685 square feet of ground-floor commercial space and an expansive fitness center. Amenities: two pools, a padel court, spa and wellness facilities, a private lounge, a juice bar and cafe, and tropical gardens. Public-benefit commitments require building a portion of the Baywalk and converting the former Bikini Hostel site into a public park.